Question about False Color in Render Properties
Generally, just try to avoid pure White and pure Black areas


White represents High end clipping - you lose details for anything brighter
Black represents Low End clipping - you lose details for anything darker

Three things to remember:

You can always increase clipping later, but you can't recover clipped details from exported JPG/TIFF/PNG
Keep as much details for editing and only clip colors in your final photo
You can have as much clipping in your final photo as you want, there's no right or wrong


How to correct an overexposed photo (with pure white areas)


Here's a detailed chart of the values for the coloring for the false color:

Source: https://sobotka.github.io/filmic-blender/